U.S. natural gas prices on Monday extended their remarkable 70% rally from last week as the big freeze pushes heating and power demand to winter records. Early on Monday, the front-month U.S. natural gas benchmark price had jumped by 14% to above the threshold of $6 per million British thermal units (MMBtu) as gas demand surged to very high levels. This was the first time since 2022 that the price of U.S. natural gas has soared above $6 per MMBtu, and nearly double the price at the start of last week. The major storm also led to shut-ins of about…

U.S. natural gas prices on Monday extended their remarkable 70% rally from last week as the big freeze pushes heating and power demand to winter records. Early on Monday, the front-month U.S. natural gas benchmark price had jumped by 14% to above the threshold of $6 per million British thermal units (MMBtu) as gas demand surged to very high levels. This was the first time since 2022 that the price of U.S. natural gas has soared above $6 per MMBtu, and nearly double the price at the start of last week. The major storm also led to shut-ins of about…

Ukraine, Russia, and the United States are set to resume negotiations in Abu Dhabi next week after two days of what officials described as “constructive” peace talks, even as the war shows no signs of easing. On January 23-24, "the United States coordinated a trilateral meeting alongside Ukraine and Russia, graciously hosted by the United Arab Emirates," White House envoy Steve Witkoff wrote on X. "Talks were very constructive, and plans were made to continue conversations next week in Abu Dhabi. President [Donald] Trump and his entire…

Almost 100% of oil market analysts see the market as oversupplied this year, just as it was oversupplied last year. The size of the supply overhang, however, matters. Led by the International Energy Agency, a lot of analysts predicted that the overhang at millions of barrels. Then the IEA had to revise its prediction—again. Because demand turned out to be stronger than expected. In its latest Oil Market Report, released earlier this week, the International Energy Agency forecast global oil demand would expand by 930,000 barrels daily in 2026.…